Muscat: Buying interest in Renaissance Services pushed the index higher at 7340.29 points, up by 0.26 per cent. MSM Shariah Index closed at 1070.88 points, down by 0.14 per cent. Renaissance Services was the most active in terms of volume as well as turnover.

Renaissance Services was the top gainer of the day with 7.19 per cent gain, while Computer Stationary, which declined by 23.62, was the top loser.

Altogether 1,345 trades were executed in Wednesday's session generating a turnover of OMR8.09 million with over 18.77 million shares traded. Out of 51 traded stocks, 9 advanced, 18 declined and 24 were unchanged. At the session close, GCC & Arab investors were net buyers to the tune of OMR800,000, while foreign investors sold shares amounting to OMR713,000 followed by Omani investors at OMR87,000.

Financial Sector Index was down by 0.10 per cent at 8932.16 points. Bank Nizwa and Ahli Bank increased by 1.20 per cent and 0.88 per cent respectively. DBIH, Al Anwar Holding, Global Financial Investment and Oman& Emirates fell by 3.06 per cent,1.88 per cent,1.58 per cent and 1.38 per cent respectively.

The Industrial Sector Index down by 0.05 per cent at 10153.92 points. Al Hassan Engineering, National Aluminium and Gulf International Chemicals increased by 6 per cent, 0.78 per cent and 0.44 per cent respectively. Computer Stationary Al Jazeera Steel Products, Oman Cement and Raysut Cement declined by 23.62 per cent, 0.87 per cent, 0.53 per cent and 0.24 per cent respectively.

Services Sector Index was up by 0.48 per cent at 3723.99 points. Renaissance Services, Al Maha Petroleum , Omantel and Oman Oil Markeing increased by 7.19 per cent, 0.41 per cent ,0.28 per cent and 0.22 per cent respectively. Al Jazeera Services, National Gas , Al Batinah Power and Al Suwadi Power declined by 4.85 per cent, 4.06 per cent , 2.16 per cent and 2.215 per cent respectively.

Emerging stocks drop Emerging-market stocks fell before the release of Federal Reserve minutes and as South Africa banks dropped after Moody's Investors Service cut its biggest lenders' local-currency debt ratings.

The MSCI Emerging Markets Index lost 0.1 per cent to 1,082, poised to halt a seven-day rally.

The FTSE/JSE Africa Banks Index in Johannesburg declined to the lowest level in more than a month as Standard Bank fell 2.9 per cent. Turkish equities decreased 0.8 per cent, paced by a real-estate investment trust.

Developing-country stocks rose to a three-year high on Tuesday, taking a seven-day rally to 3.7 per cent, as tensions in Ukraine and Iraq eased. The United States Federal Reserve is set to release minutes from its last policy meeting that may give investors more clues as to the outlook for US interest rates.

"There is a little bit of profit-taking today after the recent run," Hertta Alava, head of emerging markets at FIM Asset Management in Helsinki, said by e-mail. "We need some positive macro data, company results, or peace in Ukraine before going higher."

Some 316 stocks fell and 312 gained in the developing- nation gauge, which has increased 8 per cent this year and trades at 11.2 times projected 12-month earnings, data shows.

The MSCI World Index is up 4.3 per cent in 2014 and is valued at a multiple of 14.9.

The FTSE/JSE Africa All Share Index retreated as much as 0.7 per cent in the second day of declines.

The local-currency deposit ratings of Standard, FirstRand, Nedbank and Absa Bank, a unit of Barclays, were cut, Moody's said.